Tax time, fast approaching, again.....

[31-EVO]

Well, it's nearly that time of year again folks, what is on the cards this year with your return?, if you're getting one :p

Myself, some of it will be going towards the Evo, timing belt kit, water pump, and the rest will go towards a new colourbond fence at my house. Should be a healthy return this year hopefully, lots withheld, not that it means dick all I suppose.

Do tell pingpingpingpings

[TJ]

Deposit for America / Credit card reduction

[Sebdullah]

house shit, assuming I actually get anything back

[Nickevox]

Save the dollars for another house and maybe buy the Evo some goodies.

[Lonewolf]

1/2 on house deposit, 1/2 on car, not sure how much i'll get back this year

[shifted]

savings, hoping I get something back.

[DISTRBD]

Do not get the chance to spend mine , goes into wife's account and vanishes as fast as it appeared :P

[180SXTCY]

All of it will be going into a house deposit if i get anything back this year...which I highly doubt.

[VEE KA]

Liquid limestone for the back patio and in front of/around new shed. maybe if enough $$ left some much needed parts for the Escort project.

[volt_bite]

House deposit!

Although looks like market is crashing so maybe I'll hold off till it hits rock bottom xD

[[Jacek]]

Life.

[Risk10k]

Credit Card debt racked up paying for a fucking wedding, I want zero debt going into a mortgage.


Fuck I wish I was young and single and rich and shit.

[urban]

house\apartment deposit for me too.

Got close to $5K back last year hopping to get similar return this year.

[MadDocker]

Never get a big chunk back anymore. Biggest I've got in the last 6 years is $900...

[31-EVO]

Do not get the chance to spend mine , goes into wife's account and vanishes as fast as it appeared :P

Slowly learning this trend

[Risk10k]

Never get a big chunk back anymore. Biggest I've got in the last 6 years is $900...

Spend more on deductibles to get you into a lower tax bracket? If already doing so, get a better accountant.

[mav_vlt]

uni accomidation for the semester and a tune for my car :)

[volt_bite]

That doesnt make sense, why would you want to spend more to lower your tax? Your net wealth will become lower.

There are smart ways to reduce your tax, the most common being negative gearing. However you require the funds to be able to do that in the first place.

90% of people will only require a H&R block accountant.

If you have shares, units in a trust, own a small business, own investments, are being audited by the tax office - thats when things start getting costly to manage.

If you are working in a salary 9-5 job, chances are your tax position will not be much different from the prior year (providing you circumstances have not changed).

[TJ]

Slowly learning this trend

Barts wife is good at spending your money also?

[yeahlow34]

If you are working in a salary 9-5 job, chances are your tax position will not be much different from the prior year (providing you circumstances have not changed).

Exactly.
Don't know why people in this situation waste money on an accountant.
Also have no idea why people would spend more on deductibles?

[31-EVO]

Barts wife is good at spending your money also?

Bart is my wife, and the selfish prick should be greatful that I leave money for the biscuits and baby oil that is consumed upon my stay.

[Gleeso]

Bulk order from Powered By Max for the Sileighty.

[crabman]

If I get anything back, spending money for Christmas skiing in Japan/NYE in Tokyo trip. That reminds me, need to start a thread for pointers on things to do, places to eat at :P

[Daisy]

no more Hecs debt this year so going to be a good little bonus this year. will no doubt go on cars.

[Niva]

spanners, air tool kit

[Azrian]

You guys get returns?

[Wozzernux]

house shit, assuming I actually get anything back

Pretty much this.

[Buckets]

http://drugbustsworldwide.com/wp-content/uploads/2011/05/cocaine.jpg

http://www.demotivationalposters.org/image/demotivational-poster/1002/strippers-strippers-demotivational-poster-1266009393.jpg

[skidkid]

You guys get returns?

I only ever seem to owe the tax man :(

[TJ]

kesh mayyte, kesh

[Skitzo]

Last year i got $130, after claiming $150.

[flamo_damo]

The time of year when I love having investment properties :D

Will spend most of it on the 32 :)

[Marti]

May buy a few more guns, some will go towards a car and tools

[PHIL]

expecting 15k, so new car as the hilux is now unregoed and getting comp ready

[SimonR32]

Deposit for America

Who would want to buy a country in so much debt?

[RMCprime]

Reduce credit card debt then use the credit card for T56 conversion and or forged motor

[Brett Allan]

Service and wheel bearings,

if any left, fuel pump and a tune :)

[Tre-Cool]

probably pay off the credit card, however after next pay it should mostly be cleared anyway.

not sure if it'll give me much back but i got paid out my annual leave from my last job and started new one a month of so later so hoping i have well and truly over paid in tax.

[Adr3naL1N]

You guys get returns?

x2. Lucky if i get $150

one year i got $370. Nearly pee'd myself with joy!

[[Jacek]]

Exactly.
Don't know why people in this situation waste money on an accountant.
Also have no idea why people would spend more on deductibles?

Because it's a tax deduction which means that its free.

[crabman]

May buy a few more guns, some will go towards a car and tools

This is my other option, I want a bunky pump action .22 and/or a 30-30. They will have to wait until next year unless a good deal is spotted.

[j3rk]

The time of year when I love having investment properties :D
This is the only time of the year I LIKE having investment properties!
Mine will go some to the mortgages, rest added to the R35 fund.

[MrSparkle]

WTF are you going to shoot with a 30/30?


Back onto morgage. Boring.

[Ryan1080]

I only just lodged my 2011 return, 7K payable. Probably worse in 2012, FML :(

[Marti]

WTF are you going to shoot with a 30/30?


Back onto morgage. Boring.

Camels,boar,big kangaroos

[Torquen]

Respray for the 15 :)

[Turbo2.6L]

Negative geared investment properties net large return, but goes straight back onto mortgage.
Boring option now should mean more cash for coke & hookers down the track!

[Torquen]

Boring option now should mean more cash for coke & hookers down the track!

Long term gain son!

[SimonR32]

Water and Land Rates...

FUUU overpaid water corp bitches!

[Buckets]

Water and Land Rates...!

This + all the other big once a year bills that arrive around this time of year...

And maybe another car for my brother to write off...

[South]

17x9 Walker Evans, 5 of
37x12.5x17 Cooper STT, 5 of
4" flexi coils
11" Travel 2.5" Remote Res shocks (SLEE of King)
4.56 diff gears
Longfield Chromoly CVs
High flowed CT26 turbo
Tune

Then reality kicks in and the money goes to house instead :(

[Joe]

Council + water rates. FML

[Macca]

The wife

[Yarms]

i owe the tax man 1k from being audited last year so i wont get nothing will just pay that bill off...fml

[Niva]

If i get 40-50k back this year Ill be happy, but ill probably get the usual 1500 ish

[[FFOUR]]

I get a fair bit back thanks to working from home and a car allowance, will go into the mortgage and the rest towards our October holiday.

[duste]

Opinions needed: Worked on a casual-basis during Uni last financial year earning pennies through to November when I finished Uni and started with my current employer as an undergrad, until I joined them as a graduate in late January of this year. I've done a fair amount of overtime (thanks to trips up to site and working more than double my normal hours a week) and have paid waayyyy too much tax. Quick comparison of the tax tables with my taxable income and tax paid shows I should get at least $3k back.

Is it worth going with an accountant for this tax return, or should I wait for next year when I've had a full year of being on this salary?

At the moment I know next to nothing about what I can really claim as a tax deductible...

Going with the theme of this thread, though; whatever I get will be going towards the Merc build.

[Jizz-Lebrity]

What are some of the things you pingpingpingpings are claiming back on your investment properties other than bank interest, rates, insurance etc?

[Ryan1080]

What are some of the things you pingpingpingpings are claiming back on your investment properties other than bank interest, rates, insurance etc?

House depreciation, depending on how newish it is.

May need to hire a quantity surveyor if you havent got the original cost details for it.

[gazza750]

Think a couple of new ponds for my Koi and a new aviary for my corella

[shifted]

Opinions needed: Worked on a casual-basis during Uni last financial year earning pennies through to November when I finished Uni and started with my current employer as an undergrad, until I joined them as a graduate in late January of this year. I've done a fair amount of overtime (thanks to trips up to site and working more than double my normal hours a week) and have paid waayyyy too much tax. Quick comparison of the tax tables with my taxable income and tax paid shows I should get at least $3k back.

Is it worth going with an accountant for this tax return, or should I wait for next year when I've had a full year of being on this salary?

At the moment I know next to nothing about what I can really claim as a tax deductible...

Going with the theme of this thread, though; whatever I get will be going towards the Merc build.

I claim back my uni fees and books each year (accountant says I can) - petrol between uni and work, laundry (site clothes), general expenses etc.
If you work in the industry you study for, you can claim the fees and books from what I've been told.

[Jizz-Lebrity]

House depreciation, depending on how newish it is.

May need to hire a quantity surveyor if you havent got the original cost details for it.

House is 8 years old, and I bought it second hand.

Have you got a hook up for one? And do they calculate the depreciation value or does an accountant do that?

Cheers :)

[MMM]

Council + water rates. FML

x2

:(

[DenZel]

overseas holidays.

[schnoods]

goes into the project car parts stockpile or paint job fund.

[mickag]

hey guys I have not yet completed my tax return from last year... do i get fined? and can anyone recommend who to go to that will help me with getting back as much as possible?

looking at putting a deposit down for an apartment or a house...

[ovaxitd]

use to pay off loans... holiday... rates

[DRKWRX]

I better get some back paying shitload atm will be going towards a house deposit.

[SSICK]

i get raped.....

hopefully accountant gives the all clear to get a brand new colorado.

[crabman]

Camels,boar,big kangaroos

I was just thinking 9kg gas bottles in fires but Kangeroos' is a more valid excuse..

[masTers]

Opinions needed: Worked on a casual-basis during Uni last financial year earning pennies through to November when I finished Uni and started with my current employer as an undergrad, until I joined them as a graduate in late January of this year. I've done a fair amount of overtime (thanks to trips up to site and working more than double my normal hours a week) and have paid waayyyy too much tax. Quick comparison of the tax tables with my taxable income and tax paid shows I should get at least $3k back.

Is it worth going with an accountant for this tax return, or should I wait for next year when I've had a full year of being on this salary?

At the moment I know next to nothing about what I can really claim as a tax deductible...

Going with the theme of this thread, though; whatever I get will be going towards the Merc build.

Go and see an Accountant. I can recommend you a good tax one NOR. I'd avoid H&R block at all costs, you don't even need a degree to work there.

[Torquen]

Opinions needed: Worked on a casual-basis during Uni last financial year earning pennies through to November when I finished Uni and started with my current employer as an undergrad, until I joined them as a graduate in late January of this year. I've done a fair amount of overtime (thanks to trips up to site and working more than double my normal hours a week) and have paid waayyyy too much tax. Quick comparison of the tax tables with my taxable income and tax paid shows I should get at least $3k back.

Is it worth going with an accountant for this tax return, or should I wait for next year when I've had a full year of being on this salary?

At the moment I know next to nothing about what I can really claim as a tax deductible...

Going with the theme of this thread, though; whatever I get will be going towards the Merc build.

I wouldn't bother personally. I'm in the same boat and am likely to get 4-5k back, the online form's a piece of piss. Unless you've got some random shit you're claiming...

[westy]

I only just got mine done for myself and the wife (joint business, one income and one investment property). Was hoping to do it last year before my holiday but just been too busy and too lazy to sort the paperwork out. Tax sent a letter saying do it by May 15th (so did Centrelink threatening to cut off Family tax A & B benefits and that we may miss out on $3K in child bonuses). End of story, got back $7K and Centrelink is still sorting out the difference in quoted income to actual income for the refunds on child care rebates and shit. No idea what the bonuses are exactly but I got my hand out waiting for something (estimating $3k to $5k from them).

Was hoping Shannons would have an auction coming up for a cheap Ferrari, but no luck (Yes, I know Cheap and Ferrari don't go together but I wouldn't care, its just a starter Ferrari, 400 sold last year for $12K).

Just have to wait for next month and start going through records again ready for next tax lot. (Just hope I don't spend this tax return before I get the next one).

[Skipmaster J]

I'll be paying the taxman 5 figures... :(
edit: Damn, the sadface is SAD!

[[FL0SSIN]]

After selling one of my cars and getting my tax return I'm gonna see what all this motorbike fuss is about... Then probably die riding it out of my street

[Charger]

Straight into the shitbox Valiant fund.

Save up for the paint which is one of the next steps.

[thommo]

Buy large turbo for power skids


Anyone know if there is any special things people in mining can claim. Ive heard of some deduction of working in remote locations ?

[Reverb]

Can get zone allowance, claim mobile, internet as your forced to use telstra

[Gr3mlin]

Plazmaman FG Stage 2 Intercooler kit hopefully



Buy large turbo for power skids


Heard those PWR intercoolers can't handle much power when it comes to increasing gains by any decent amounts. (Just heard down the grapevine)

[thommo]

Yes so people say but ive seen someone with larger turbo and 394rwkw with one soo hard to judge really.

May call for an upgrade there also

[YOUR MATE]

Buy large turbo for power skids


Anyone know if there is any special things people in mining can claim. Ive heard of some deduction of working in remote locations ?

Watches. Buy some flash as fuck watch, treat yourself, say it was required onsite and it was the only watch you could find. I know I did back in the day and it worked.

[thommo]

so i should buy that blue datejust II rolex ive been looking at

[crabman]

Watches. Buy some flash as fuck watch, treat yourself, say it was required onsite and it was the only watch you could find. I know I did back in the day and it worked.

So you have been audited with that down as a deduction with receipt and it was deemed ok?? Did they question form of purchase not justifying the "only watch you could find" reason??

If so, I can't wait to be away again, hello Panerai.

[mod]

house or bali

[Drift_R32]

Unless your making over 100k a year.. The chances of been audIted is extremely low.

:-) I love been an Abn holder, deduction time. fuk your tax

[Steele304VS]

i got a warning for not declaring interest earned. lucky because i lied all over it! might get a professional to do it this time

[Nickevox]

Unless your making over 100k a year.. The chances of been audIted is extremely low.



Not what I have been told

[yeahlow34]

Unless your making over 100k a year.. The chances of been audIted is extremely low.

Haha, no way mate.
When the government wants a bring on a budget surplus, they will audit anyone and everyone.
Good mate works primarily on audits for people on $70-90k a year.

[180SXTCY]

i got a warning for not declaring interest earned. lucky because i lied all over it! might get a professional to do it this time

i got the same letter haha! i simply forgot but and it wasn't much interest i earnt last year only a few 100 dollars... this year but i have earnt a fair bit so gotta make sure i get it right otherwise they are going to screw me.

[Daisy]

Plazmaman FG Stage 2 Intercooler kit hopefully




Heard those PWR intercoolers can't handle much power when it comes to increasing gains by any decent amounts. (Just heard down the grapevine)


Buy large turbo for power skids


Anyone know if there is any special things people in mining can claim. Ive heard of some deduction of working in remote locations ?

feel free to pm me, i may be inclined to have a new financial year/post tax return sale of some gear that may be up your alley.

[SimonR32]

Unless your making over 100k a year.. The chances of been audIted is extremely low.

LOL... Wrong!

[urban]

;1008472']I'm gonna see what all this motorbike fuss is about... Then probably die riding it out of my street

Lol I wanna do this too but have the same fear....

[westy]

Buy large turbo for power skids


Anyone know if there is any special things people in mining can claim. Ive heard of some deduction of working in remote locations ?

$3K of my return was made up from that alone, got to claim it with my wife, 3 kids for a year and last kid for 4 months.

Watches, I asked about. They said you couldn't (I have heard up to $300 on one) even when I mentioned that you needed one so you know when the firing times are. Someone also told me you could claim breakfast if you bought it on the way to the airport, sounded to good to be true and it was. Was told a story that you could claim "incidentals" of about $16 a day while you are away but H&R Block reckon it goes in the section that the ATO are cracking down on. They wouldn't let you do it though, that is the story they told me of a previous guy that was trying.

All I could claim through my personal income was a uniform ($400), a donation ($2/$5 or something), $20 in pens and that was it. Anything else I claimed through the business.

[volt_bite]

hey guys I have not yet completed my tax return from last year... do i get fined? and can anyone recommend who to go to that will help me with getting back as much as possible?

looking at putting a deposit down for an apartment or a house...

Buddy, I suggest you stay on top of your tax. IF you are in a tax payable position, that means that you will be paying interest on that tax debt at a daily compounding rate known as "General Interest Charge" (GIC). Everyone has a standard tax payment due date, this is the date at which if you do owe tax, you must pay it by or interest will accrue. However, tax accountants or registered tax agents have an extended time to prepare tax returns compared to individuals. I suggest you seek a tax accountant soon.

The tax office tax note of when you pay tax late, if you have a habit of being late they tend to take a harsher approach with you for any future tax returns etc. Say if you wanted to ask for leniency, they will refer to your history and if you have been a good tax payer, that is paying on time and so forth, they may not apply GIC.


Not what I have been told


$3K of my return was made up from that alone, got to claim it with my wife, 3 kids for a year and last kid for 4 months.

Watches, I asked about. They said you couldn't (I have heard up to $300 on one) even when I mentioned that you needed one so you know when the firing times are. Someone also told me you could claim breakfast if you bought it on the way to the airport, sounded to good to be true and it was. Was told a story that you could claim "incidentals" of about $16 a day while you are away but H&R Block reckon it goes in the section that the ATO are cracking down on. They wouldn't let you do it though, that is the story they told me of a previous guy that was trying.

All I could claim through my personal income was a uniform ($400), a donation ($2/$5 or something), $20 in pens and that was it. Anything else I claimed through the business.

Its amazing how many people will just claim whatever they feel like, and its amazing some of these tax accountants going around telling people they can "claim this or that", even more so, why you would listen to "my mates mate cousin who said I could claim my new turbo". Not saying what you are claiming is specifically wrong, but as a general comment.

As above, H&R are your standard run of the mill no-degree required glorified book keepers. They have about as much knowledge as you can glean from tax ATO website, actually less. If your tax is simple (ie low transactions, no investments, same job and you are lazy) you can probably get away with going with them. If its more complex, I suggest seek a proper tax accountant. Note, not all tax accountants are good or the same.

I am not going to provide tax advice though so don't ask! Everyone's situation is different and unless I know exactly the circumstances, I cannot/wont advise you what you should do.

[Jizz-Lebrity]

Buy large turbo for power skids


Anyone know if there is any special things people in mining can claim. Ive heard of some deduction of working in remote locations ?

There is a scale your accountant will have that dictates how much you get back. The bracket you fall into depends on how remote you are, how many dependants you have and whether you have a spouse or not etc.

I believe you can also claim one pair of sunglasses and a watch each year, on top of other things like your internet, phone etc.

Because I wear my Ray Ban's at work.

[Torquen]

Lol, Kael ya pingpingpingping! How long ya had that quote up :p haha.

[Jizz-Lebrity]

<3

[volt_bite]

There is a scale your accountant will have that dictates how much you get back. The bracket you fall into depends on how remote you are, how many dependants you have and whether you have a spouse or not etc.

I believe you can also claim one pair of sunglasses and a watch each year, on top of other things like your internet, phone etc.

Because I wear my Ray Ban's at work.

Correct, there is a rebate for remote locations. Check it out here:
http://www.ato.gov.au/individuals/content.aspx?doc=/content/00251172.htm&page=16
Zone listing - http://www.ato.gov.au/taxprofessionals/content.aspx?doc=/content/rebate_zone.html
Zone calculator - http://www.ato.gov.au/individuals/content.aspx?doc=/content/46068.htm

[Tocchi]

hey guys working away etc.

bought myself a laptop just recently, legit for offshore usage as there are 2 computers for 100 people on the boat to use. (there are more in higher up peoples rooms/offices, but those 2 computers are the "common computers")

how would i claim this? ive heard depriciation methods? or can i claim it in 1 go ?

[Ryan1080]

House is 8 years old, and I bought it second hand.

Have you got a hook up for one? And do they calculate the depreciation value or does an accountant do that?

Cheers :)

Nah, I've personally never dealt with one, only saw clients use them in the old practice I worked in many years ago. They charge a few hundred bucks to prepare the report (tax deductible) and provided it's a reputable co that uses accepted methdologies you can fully rely on the values they provide (the cost of the building itself, not the claim numbers). They also give you figures you can put on your tax return, but from my prior experience with these people, they tend to use the wrong depreciation rates. I would then give it to your accountant, they'll take the costs and claim it with the correct ATO rates. As long as you have the building costs down on paper, your accountant will do the rest.

[Ryan1080]

hey guys working away etc.

bought myself a laptop just recently, legit for offshore usage as there are 2 computers for 100 people on the boat to use. (there are more in higher up peoples rooms/offices, but those 2 computers are the "common computers")

how would i claim this? ive heard depriciation methods? or can i claim it in 1 go ?

You claim a proportion of it, based on your business/private use. If you have no other laptops, it's hard to argue 100% business on this one, so you may need to do a reasonable estimate. Still, even if you do have other laptops, say if you work on it all day for 8 hours, then spend 2 hours after work doing your own crap, then claim 80% business usage. Just find some reasonable argument like that.

ATO dictates useful life of three years on laptops. Keep it simple and just claim 80% of a third of the laptop every year, for three years.

[Tocchi]

thanks for that info :)

[Buckets]

Righteo so the I need a flash watch because I'm in mining tax claim = Bullshit unless you meet a few criteria.

Do you work in an underground coal mine or any other environment with a potentially explosive atmosphere or you work directly with explosives and enter the magazine compound ? If the answer is yes you are probably aware you can't have non intrinsically safe devices such as battery powered watches in your workplace, you also can't have your mobile or other similar time keeping device on you but you need to be able to tell the time for one reason or another then you can claim a time piece, just like divers can claim dive watches ect. But if your a bonehead you don't get to claim a time piece as your 2 dollar Casio or the clock in the truck does just fine.

[-Luke-]

^ People working in and around an operating railway can also claim time keeping devices for similar reasons to those listed above.

[Jizz-Lebrity]

^ People working in and around an operating railway can also claim time keeping devices for similar reasons to those listed above.

Winning.

[crabman]

Anyone know how long Bankwest coretrading statements take to come out? This is my first year with shares. Hello Capital losses! Lol.

[Turbo2.6L]

You guys get returns?

You need an investment property. Seriously

[Alt_F4]

Anyone know how long Bankwest coretrading statements take to come out? This is my first year with shares. Hello Capital losses! Lol.
LOL I'm trying to work out if it's in my favour to sell some shares off at a loss to recoup losses, maybe Ryan1080 could shed some light? :)

[Fukushima]

We rented our first home for 4 months through an agent until tennant moved out

Can we claim anything?

[Turbo2.6L]

Pretty sure the house needs to be listed as an investment to be able to negative gear it & such Shannon?

[Ryan1080]

LOL I'm trying to work out if it's in my favour to sell some shares off at a loss to recoup losses, maybe Ryan1080 could shed some light? :)

Only do it if you have capital gains to offset the losses with.

If all you'll have is capital losses, you can't claim those against your income, you'll carry those forward to future years for when you actually make some gains.

Unless of course you have some shitty hopeless stock that will keep going down the gutter, then sure, cash out and have a loss.

Or you have a share trading business where the transactions are not on capital account, but for that you need a lot of volume of transactions to support that, however on the downside you don't get a discount on your gains. Can't flip back and forth on that every year to suit, too dodgy.

[Daisy]

can he claim renovations that he carried out before tenanting?

[Ryan1080]

We rented our first home for 4 months through an agent until tennant moved out

Can we claim anything?

You'll need to disclose the rental inome, and of course claim back the interest on the loan, sure. Any repairs etc you can't. Reason being, you have just bought the property, the stuff you repair is assumed to have been already broken when you bought, it would be on capital account and not deductible.

[Ryan1080]

can he claim renovations that he carried out before tenanting?

Depends, if investment property, he can claim deprecaition on the capital improvement, like with anything else. Can't claim it as repairs if it is too close to the acquisition date. If it's his own residence and it was only rented for four months, too much hassle. Besides, renos probably not done till after tenants moved out, and then became private house, can't claim.

[thommo]

feel free to pm me, i may be inclined to have a new financial year/post tax return sale of some gear that may be up your alley.


10k for 10seconds is pretty good ! isnt it laggy though the 42r

[Daisy]

wasnt too bad with stock diff gears, then went from 2.76 to 3.46 gears and it was like driving a standard car lag wise.

[j3rk]

Do you work in an underground coal mine or any other environment with a potentially explosive atmosphere or you work directly with explosives and enter the magazine compound ? etc etc.
Sudden urge for a new watch... anyone got more details on this? Limits for cost / type etc.

[Fukushima]

You'll need to disclose the rental inome, and of course claim back the interest on the loan, sure.

So I need to declare about 7k income (420/week after fees) we have statements for this

Deduct just the interest and not any portion that was paying the principle (which would only be a tiny amount)
Rental management fees?
4 months of Water / land rates?

Is it that simple or should I use an accountant?

That extra income and my 17k reportable fbt is going to lead to another year of hecs rape :-(

[Ryan1080]

So I need to declare about 7k income (420/week after fees) we have statements for this

Deduct just the interest and not any portion that was paying the principle (which would only be a tiny amount)
Rental management fees?
4 months of Water / land rates?

Is it that simple or should I use an accountant?

That extra income and my 17k reportable fbt is going to lead to another year of hecs rape :-(

Sounds simple enough. Yeah, no principle, just interest. You should be able to grab those numbers from your mortgage statements.

As far as rates go, since you bought it as already tenanted, you'd be able to claim stuff from the get go. Normally you have to pay pro-rata council rates and water rates etc. on settlement (check your settlement statement). Check what date these were paid until, and proportion accordingly.

Rental management fees ok.

Sounds simple enough hey, individual tax returns aren't rocket science. If you ahven't got any other complex issues, whack those numbers into e-tax and save yourself some dough on accouting fees.

[Ryan1080]

That extra income and my 17k reportable fbt is going to lead to another year of hecs rape :-(

Oh, for anyone who has additional bullshit like HECS, or child support or other stuff, and wants to effectively minimise their income so it's not visible to those agencies or centrelink etc, get your benefits under the radar and salary sacrifice as much as you can.

Usually HECS, child support, centrelink benefits etc. are calculated based on your Adjusted Taxable Income (ATI), which consists of your taxable income, plus your investment property deductions, plus your extra super contributions and reportable FBT.

If you want to avoid paying those, salary sacrifice so that these numbers don't get reported.

For instance, if you have an investment property. Rather than putting through the interest as a tax deduction in your personal tax return, get your employer to pay it and salary sacrifice it for you. Or salary sacrifice a vehicle and use the ECM method to make FBT zero or at least lower than the reportable threshold. And same goes for everything else, remember anything you claim in you personal tax return, you can claim through as sal sac as well! It's what's called as 'otherwise deductible', employer gets a full deduction like they would for your salary, and pay no FBT on it. As a result it doesn't get reported anywhere, your ATI is lower, and so are your charges like HECS etc.. This can also be used to increase your centrelink benefits... or let you get under a threshold to claim the 30% health insurance rebate, and so on...

Disclaimer: I don't necesserily approve of this loophole, don't be a pingpingpingping and pay your child support / don't bludge off cenrelink if you're not entitled to.

[volt_bite]

Interesting article.. http://www.perthnow.com.au/business/local-business/west-aussies-expect-2291-from-tax-return/story-e6frg2s3-1226403416065


On average, Western Australia is expecting $2291 in their tax refund, a 40 per cent surge on last year's expectation. Victorians are tipping to get $2348 from the tax man, as the national average sits at $2017.

[racegtst]

Oh, for anyone who has additional bullshit like HECS, or child support or other stuff, and wants to effectively minimise their income so it's not visible to those agencies or centrelink etc, get your benefits under the radar and salary sacrifice as much as you can.

Usually HECS, child support, centrelink benefits etc. are calculated based on your Adjusted Taxable Income (ATI), which consists of your taxable income, plus your investment property deductions, plus your extra super contributions and reportable FBT.

If you want to avoid paying those, salary sacrifice so that these numbers don't get reported.

For instance, if you have an investment property. Rather than putting through the interest as a tax deduction in your personal tax return, get your employer to pay it and salary sacrifice it for you. Or salary sacrifice a vehicle and use the ECM method to make FBT zero or at least lower than the reportable threshold. And same goes for everything else, remember anything you claim in you personal tax return, you can claim through as sal sac as well! It's what's called as 'otherwise deductible', employer gets a full deduction like they would for your salary, and pay no FBT on it. As a result it doesn't get reported anywhere, your ATI is lower, and so are your charges like HECS etc.. This can also be used to increase your centrelink benefits... or let you get under a threshold to claim the 30% health insurance rebate, and so on...

Disclaimer: I don't necesserily approve of this loophole, don't be a pingpingpingping and pay your child support / don't bludge off cenrelink if you're not entitled to.

Salaray Sacrifice is added back, the super fund reports it to the ATO along with TFN. All these departments are interlinked and do data matching all the time.

If you are playing with the CSA then SS is definelty an add back to your income. You may get away with it once or twice but they will get you in the end.

[Ryan1080]

Salaray Sacrifice is added back, the super fund reports it to the ATO along with TFN. All these departments are interlinked and do data matching all the time.

If you are playing with the CSA then SS is definelty an add back to your income. You may get away with it once or twice but they will get you in the end.

Yeah, super you can't hide at all, it's reportable. CSA you may get lucky, or may not.

But for the rest of the things ATI affects, it's pretty much a given, like HECS, family tax benefits, centrelink and so on.

[volt_bite]

Have you ever heard of Part IVA?

HECS = You can't run away from this all your life unless you do not want to stay in Australia.

As above, the tax office has your tax records.

[Ryan1080]

I know you'll have to repay it eventually, no shit. Except the indexation on HECS is sweet fuck all, as opposed to say interest rate on a mortgage. I'd rather park that money into my mortgage, and pay the HECS off as slowly as possible.

And lol @ Part IVA. Totally not relevant in this case man! It's called tax planning, not tax evasion.

[Satan]

Guys looking for depreciation schedules on their investment properties, I can highly recommend a company called Depreciator

http://www.depreciator.com.au/

they charge a one off fee and depreciate everything for you, house, fittings, water heaters, airconditioners etc etc

very straightforward, you wont be dissapointed!

[Ryan1080]

Guys looking for depreciation schedules on their investment properties, I can highly recommend a company called Depreciator

http://www.depreciator.com.au/

they charge a one off fee and depreciate everything for you, house, fittings, water heaters, airconditioners etc etc

very straightforward, you wont be dissapointed!

Or you can just do it yourself:

http://law.ato.gov.au/atolaw/view.htm?docid=txr/tr20112/nat/ato/00001

http://law.ato.gov.au/atolaw/view.htm?DocID=TXR%2FTR20112%2FNAT%2FATO%2F00021

Edit: Just realised they're also quantiy surveyors, it's where you want to get your valuation from.

[volt_bite]

I know you'll have to repay it eventually, no shit. Except the indexation on HECS is sweet fuck all, as opposed to say interest rate on a mortgage. I'd rather park that money into my mortgage, and pay the HECS off as slowly as possible.

And lol @ Part IVA. Totally not relevant in this case man! It's called tax planning, not tax evasion.

I don't know what your background is exactly, but I am sure you'll appreciate the grey area between tax planning and tax evasion. You COULD be a national tax director, tax principal who knows.

Given what you said above in regards to "flying under the radar" and "certain numbers not getting reported". Tax planning in case you forgot, is operating under the spirit of the law.

This is not an attack, but a statement and an observation and its good you are assisting others.

[RELEASE]

Yeah, super you can't hide at all, it's reportable. CSA you may get lucky, or may not.

But for the rest of the things ATI affects, it's pretty much a given, like HECS, family tax benefits, centrelink and so on.No luck with child support. Super contributions are added as income.

CSA in this years returns are doing a full reconcile of what you paid to what you should have paid based on your taxable income.
Declare your income less than your actual and your tax return is used (or you get a tax bill if you have no return) to pay the other person what you should have. If the difference of what you declare to CSA is a lot less that what you earned (can't remember exact percentage) you also cop a fine on to off the payment.

On the flip side, over pay the other person and it's bad luck, you don't get your money back.

[Ryan1080]

I don't know what your background is exactly, but I am sure you'll appreciate the grey area between tax planning and tax evasion. You COULD be a national tax director, tax principal who knows.

Given what you said above in regards to "flying under the radar" and "certain numbers not getting reported". Tax planning in case you forgot, is operating under the spirit of the law.

This is not an attack, but a statement and an observation and its good you are assisting others.

Fair enough. There is a fine line between doing the right thing and the wrong thing. It's the difference between explointing the law to just taking advantage of the opportunities that are present in the system within reason.

For example you can argue something as simple as a novated lease is tax avoidance. Technically it is. I don't use my car for business at all, yet I'm getting a nice deduction for it. When you put it so simply, is that within the spirit of the law? Probably not, but it's been accepted as perfectly fine for a long time, so the law allows it.

Part IVA will knock you back only if you're entering into a scheme for the sole/dominant purpose of obtaining a tax advantage. Take my example about salary sacrificing interest on investment property. You can't say that the dominant purpose of getting an investment property is to get tax breaks... Sure, that is a motivator too, but eventually you want your investment to go up in value so that you can make some money. That's the reason why you bought the house. You're earning income from it, and you need to pay the interest on the finance, section 8-1, perfectly legit. Putting it through sal sac or on your return is an irrelevant issue and makes no difference to the underlying transaction, being to finance an income producing investment.

In the past I have worked for the dodgiest firm in Perth (if not Aus), the schemes they were cooking up were one of the main reasons why the govt strengthened Part IVA in the first place. Even as a grad with no experience, those schemes sounded wrong to me lol.

[Ryan1080]

No luck with child support. Super contributions are added as income.

CSA in this years returns are doing a full reconcile of what you paid to what you should have paid based on your taxable income.
Declare your income less than your actual and your tax return is used (or you get a tax bill if you have no return) to pay the other person what you should have. If the difference of what you declare to CSA is a lot less that what you earned (can't remember exact percentage) you also cop a fine on to off the payment.

On the flip side, over pay the other person and it's bad luck, you don't get your money back.

Yeah, you won't hide money from CSA (or anyone else for that matter) with super contributions, as I mentioned, they are reportable.

You can hide it in other ways, I mentioned above.

Although occasionally they do call up employers and ask for the details of the complete salary package, not just ATI.

But that's fine, it's wrong to stinge on your kids. Forget CSA anyway, you can still get an advantage in other areas I mentioned previously :)

[volt_bite]

There sure are a lot of dodgy accountants out there! I haven't looked into SS, but it did raise a few red flags that's all.

[Satan]

Or you can just do it yourself:

http://law.ato.gov.au/atolaw/view.htm?docid=txr/tr20112/nat/ato/00001

http://law.ato.gov.au/atolaw/view.htm?DocID=TXR%2FTR20112%2FNAT%2FATO%2F00021

Edit: Just realised they're also quantiy surveyors, it's where you want to get your valuation from.

Im not sure if you just added anything of value there

People were asking for companies that do depreciation schedules and I suggested one.

[RELEASE]

But that's fine, it's wrong to stinge on your kids. Forget CSA anyway, you can still get an advantage in other areas I mentioned previously :)Never a case of being stingy to my kid as long as the payment is spent on him rather than most of it being spent by the dole bludging pingpingpingping so she can provide an average life for him while she parties and lives it up

[Ryan1080]

Im not sure if you just added anything of value there

People were asking for companies that do depreciation schedules and I suggested one.

I just pointed out this is what they use to make those schedules... if you already know the value of your building costs (say, if you built it yourself or have those details from original owner) look up the rates in ATO's ruling to gather how much to claim per year.


Never a case of being stingy to my kid as long as the payment is spent on him rather than most of it being spent by the dole bludging pingpingpingping so she can provide an average life for him while she parties and lives it up

Yeah true. Good mate of mine is in such situation himself :(

[Kickit]

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